BBands Ext v1

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Developed by John Bollinger, Bollinger BandsĀ® are volatility bands placed above and below a moving average. Volatility is based on the standard deviation, which changes as volatility increases and decreases. The bands automatically widen when volatility increases and narrow when volatility decreases. This dynamic nature of Bollinger Bands also means they can be used on different securities with the standard settings. For signals, Bollinger Bands can be used to identify M-Tops and W-Bottoms or to determine the strength of the trend. Signals derived from narrowing BandWidth are discussed in the ChartSchool article on BandWidth.

Note: Bollinger BandsĀ® is a registered trademark of John Bollinger.

Pshai's script

Pshai's version of Bollinger Bands sends Buy-signals when Close Price is below the Lower Band and Sell-signals when Close Price is above the Upper Band. The bands can be adjusted with the Deviation parameters listed below.

Parameters

Length
Length of the Moving Average
Dev. Up
Deviation (also known as multiplier) of the Upper Band (default: 2)
Dev. Down
Deviation (also known as multiplier) of the Lower Band (default: 2)
MA Type
The type of the Moving Average, used in the Bollinger Band.
Valid types: Sma, Ema, Dema, Tema, Trima, T3, Mama, Kama, Wma
Deviation
The amount of "lag" count in candles for the indicator. If value is set to "5", the Bollinger Band lines will be "5 candles late".


More from Pshai

See PshaiScripts.